About Pipsychology

If you can't keep your emotions in check when trading, you will lose money. Lots of it. Pipsychology was created to help minimize this from happening to you. The most significant action that you can do to improve trading profits is to work on yourself. Really knowing yourself and how you think can give you an edge that others in the market don't have. My goal is to share practical advice to improve your forex psychology without boring you to death. Hopefully you can develop the mental edge you need to become the best trader you can be.

Do You Have What It Takes?

Currency trading is a demanding business. Only the most skilled traders can make a living as an active trader. Do you have what it takes?

You must approach trading the same way you would pursue your vocation in professional school. This requires a resolute dedication to hone your skills in order to move to the top of their field.

The seasoned, professional forex trader has rare and valuable skills, like those of a lawyer or a doctor. You’re most likely going to have to limit your social life and focus on developing your skills if you want to be at the top of your game.

Think of medical interns or residents. They focus all their efforts on learning about their profession, even if it means sacrificing their social life. It requires a life with little balance between work and pleasure.

Are you up to the challenge? Are you willing to make the necessary sacrifices? Do you have what it takes?

How so true this is. I see so many “wannabes” who simply try to piggyback off a more experienced trader while I’ve devoted day and night to education and experience. You can only piggyback for so long before you’re shaken off 🙂 But like a medical student/intern, it’s only the beginning that’s grueling, once you get it down, it gets that much, dare I say, easier.

mastergunner99

There’s absolutely nothing wrong with piggybacking in my opinion. The good news about piggybacking, is that there is always someone profitable that is capable of assisting you in meeting your financial expectations.

However, that does not mean one should remain willingly ignorant of their pursuits simply because they choose to coattail another. I think the overall ultimate reward for me would in turn be able to pay it foward to others as the ultimate thanks for those that assisted me.

This of course implies that while I coattail others, I continue my own education and develop my own winning system for success whereas I can share my knowledge with others.

zakwatt

As someone who spent years studying for a professional qualification I can see merit in what is being said. However, I think that someone becomes a better trader via the school of hard knocks. I think this is the best education, but takes time and probably most never survive the inevitable pain inflicted along the way.

widereceiver83

I have not signed in nor left a comment prior to this but I felt that I should make this comment for no other reason but to get feedback for my thoughts. I think that being a wannabe is not only okay, it is a must. You have to build the foundation of your greatness on that desire. The key is to aspire to be Great. Skill building is a learned behavior in every arena and it is done one step at a time. I want to use every tool on the Babypips website to acheive this greatness for myself. I treat this as a mission and I have an inner need to win at this like an athelete needing to win a championship, torny or penant. With that said, if I have to piggyback to get the skills that I need, I will. Every young Jedi pilot needs to find Yoda.

zakwatt

I would agree. Every successful business person started off as a ‘wannabe’ at some stage. Without being a wannabe they would never have made it big. The motivation has to be there in the first place. Going back to what Dr Pipslow wrote earlier, I am not sure if working harder than everyone else at this game will make someone find the ‘holy grail’ system of trading.

cwavefx

How so true this is. I see so many “wannabes” who simply try to piggyback off a more experienced trader while I’ve devoted day and night to education and experience. You can only piggyback for so long before you’re shaken off 🙂 But like a medical student/intern, it’s only the beginning that’s grueling, once you get it down, it gets that much, dare I say, easier.

mastergunner99

There’s absolutely nothing wrong with piggybacking in my opinion. The good news about piggybacking, is that there is always someone profitable that is capable of assisting you in meeting your financial expectations.

However, that does not mean one should remain willingly ignorant of their pursuits simply because they choose to coattail another. I think the overall ultimate reward for me would in turn be able to pay it foward to others as the ultimate thanks for those that assisted me.

This of course implies that while I coattail others, I continue my own education and develop my own winning system for success whereas I can share my knowledge with others.

zakwatt

As someone who spent years studying for a professional qualification I can see merit in what is being said. However, I think that someone becomes a better trader via the school of hard knocks. I think this is the best education, but takes time and probably most never survive the inevitable pain inflicted along the way.

widereceiver83

I have not signed in nor left a comment prior to this but I felt that I should make this comment for no other reason but to get feedback for my thoughts. I think that being a wannabe is not only okay, it is a must. You have to build the foundation of your greatness on that desire. The key is to aspire to be Great. Skill building is a learned behavior in every arena and it is done one step at a time. I want to use every tool on the Babypips website to acheive this greatness for myself. I treat this as a mission and I have an inner need to win at this like an athelete needing to win a championship, torny or penant. With that said, if I have to piggyback to get the skills that I need, I will. Every young Jedi pilot needs to find Yoda.

zakwatt

I would agree. Every successful business person started off as a ‘wannabe’ at some stage. Without being a wannabe they would never have made it big. The motivation has to be there in the first place. Going back to what Dr Pipslow wrote earlier, I am not sure if working harder than everyone else at this game will make someone find the ‘holy grail’ system of trading.

cwavefx

Maybe I should make myself a bit more clear. My remarks about wannabes and piggybacking is that that’s all they do without further self enrichment.

cwavefx

Maybe I should make myself a bit more clear. My remarks about wannabes and piggybacking is that that’s all they do without further self enrichment.

ForexNinja

Every Jedi master was once a padawan learner or apprentice. Even Yoda. He was trained by Jedi Master N’Kata Del Gormo. =D

ForexNinja

Every Jedi master was once a padawan learner or apprentice. Even Yoda. He was trained by Jedi Master N’Kata Del Gormo. =D

JosefBenjamin

cool article, I would have to agree with the first poster about this game getting easier as you gain more experience. It was very difficult starting at the beginning not knowing a single word of terminology used in the trading world.

It was fustrating, but man was it a hell of a journey. And yet still, some ways to go…

JosefBenjamin

cool article, I would have to agree with the first poster about this game getting easier as you gain more experience. It was very difficult starting at the beginning not knowing a single word of terminology used in the trading world.

It was fustrating, but man was it a hell of a journey. And yet still, some ways to go…

zaidp

Personally I would prefer to learn from someone who has been there and done that. I tried this once before and got burnt. This is my first foray since that fateful day in 2001. I don’t have the knowledge… yet!

zaidp

Personally I would prefer to learn from someone who has been there and done that. I tried this once before and got burnt. This is my first foray since that fateful day in 2001. I don’t have the knowledge… yet!

dawnerjames

Very true…It took 15 years to become a professional athlete and when looking back on it I wasn’t prolific athlete until 20 years of age. I attribute my success to simple yet very important factors, never quiting a team, lived to practice, love to study the technical and fundamentals of the game(sounds familiar). These traits and habits have really assisted with my professional career and the understanding of the FOREX arena; its all a game of method, repetition and adapting. Those who love to study will succeed

dawnerjames

Very true…It took 15 years to become a professional athlete and when looking back on it I wasn’t prolific athlete until 20 years of age. I attribute my success to simple yet very important factors, never quiting a team, lived to practice, love to study the technical and fundamentals of the game(sounds familiar). These traits and habits have really assisted with my professional career and the understanding of the FOREX arena; its all a game of method, repetition and adapting. Those who love to study will succeed

gator10

I am just starting out and I classify myself as a proud “wannabe”. I say that because I am going into this like I went into shooting pool many years ago(I am extremely good at it). I didn’t get this good by beating up on people who knew as much as me or less. I learned from 9-ball players and hustlers in the poolrooms. I got beat by the best and learned their tricks. I’d practice their tricks day and night, while continuing to get beat by them. I lost money many times just to play someone who was good. One hustler told me, “Playing is cheap, lessons are expensive”, but I kept playing. Now many years later I’m beating the best. To me, this is pool. I’m putting the same dedication into learning Forex and yeah, I’ll get beat from time to time but, I’m willing to take the beats and learn from the best to be the best. If someone who is a Forex “hustler”, I’ll gladly learn from you. I don’t want to ride anyones coattails, it doesn’t help me be the best. I will take suggestions with an open mind and try them out. All I ask is patients with the new kid in school. Thanks.

gator10

I am just starting out and I classify myself as a proud “wannabe”. I say that because I am going into this like I went into shooting pool many years ago(I am extremely good at it). I didn’t get this good by beating up on people who knew as much as me or less. I learned from 9-ball players and hustlers in the poolrooms. I got beat by the best and learned their tricks. I’d practice their tricks day and night, while continuing to get beat by them. I lost money many times just to play someone who was good. One hustler told me, “Playing is cheap, lessons are expensive”, but I kept playing. Now many years later I’m beating the best. To me, this is pool. I’m putting the same dedication into learning Forex and yeah, I’ll get beat from time to time but, I’m willing to take the beats and learn from the best to be the best. If someone who is a Forex “hustler”, I’ll gladly learn from you. I don’t want to ride anyones coattails, it doesn’t help me be the best. I will take suggestions with an open mind and try them out. All I ask is patients with the new kid in school. Thanks.

ocleo

In all honesty, I’ve been trying to study forex hard for the past 7 months and I think what would have made me do much better was that if I had found a mentor as well as a trading partner.

Still in my quest to look for one. There’s only so much books and seminars can do.

ocleo

In all honesty, I’ve been trying to study forex hard for the past 7 months and I think what would have made me do much better was that if I had found a mentor as well as a trading partner.

Still in my quest to look for one. There’s only so much books and seminars can do.

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